The Washington State housing market has significantly changed in the last few months. The market for housing does not appear to be a clear sign of a looming decline. However, the market constantly changes, and prospective buyers and sellers must remain informed of regional differences and broader economic trends. Here are the most recent trends in Washington. Washington home market.
Washington State Housing Market Forecast 2024
According to Zillow, the data shows that as of November 30th, 2023, the median home value in Washington is $566,052, with a slight growth of 0.1 percent over the last year. Mainly, houses in the area are listed for sale in an average of seventeen days.
Key Market Indicators
- For Inventory for Sale: The market boasts an impressive inventory of homes, including 17680 homes available for sale on November 30th, 2023.
- Recent Listings An impressive 5.550 new properties were added to the market during the same timeframe, suggesting the changing real estate landscape.
- Median Price of Sale: the median price for sale on October 31st, 2023, was $550,000, and the median list price was $589,833 on November 30th, 2023.
- Sales to List Ratio A strong 1.000 median ratio of sales to list further demonstrates the industry’s strength.
- Percentage of Sales In October 2023, 33.7 percent of sales were over the list price, in contrast with 42.0 percent below the list price.
Is Washington a Seller’s or Buyer’s Market for Housing? Market?
Due to the speed of pending sales and the median sale-to-list ratio in the range of 1.000, the Washington State housing market leans in favor of sellers. The smaller percentage of sales below the price of the list ( 42.0%) compared to sales over the list ( 33.7%) confirms this trend of sellers being more favorable.
Are Home Prices Declining within Washington?
Although the median home value saw a slight increase of 0.1 percent over the last period, the median value was $550,000 on October 31st, 2023, which suggests stability and not a dramatic drop in prices. The information available doesn’t indicate a possible home market crash. However, constant monitoring of market and economic variables trends is necessary for accurately predicting future developments.
Is it the perfect Moment to Buy a Home in Washington?
With the high level of competition in the market, prospective buyers could be in a tough spot. But, personal situations and long-term goals should inform decisions about when it is the best time to invest in the market for housing in Washington State.
Western State (By City) Real Estate Forecast
A closer look at specific regions in Washington gives additional insight into the local real estate market dynamics:
- Othello, WA: The metropolitan statistical region (MSA) located in Othello is predicted to experience an increase in the cost of housing, with an expected growth rate of 2.2% through November 30th, 2024.
- Centralia, WA: This MSA expects a slight decline in home prices and a projected growth rate of -0.1 percent on February 29th, 2024.
- Moses Lake, WA: Housing prices in Moses Lake are expected to be stable, with a slight decrease of -0.1 percent until February 29th, 2024.
- Aberdeen, WA: The outlook for Aberdeen suggests a more significant reduction in home prices and a projected growth in the range of -0.6 percent through November 30th, 2024.
- Spokane, WA: Spokane, WA: Spokane area expects a drop in home prices, projected at -0.8 percent on February 29th, 2024, after the -0.2 percent decline by the end of December 2023.
- Shelton, WA: Prices for housing in Shelton are predicted to see an albeit modest decrease and a projected growth in the range of -0.3 percent on February 29th, 2024, after a steady period from November 30th to 2023.
- Yakima, WA: The MSA in Yakima predicts a stable housing market, without significant price fluctuations forecasted, and will maintain a rate of 0% increase through February 29th, 2024.
- Pullman, WA: Pullman is expected to see a slight rise in prices for housing in the coming years, with an increase of 0.2 percent on February 29th, 2024, after a 0.1 percent rise by the end of November 2023.
- Port Angeles, WA: This region expects a slight decline in home prices. The forecast is an increase of -0.4 percent until February 29th, 2024, after the 0.1 percent rise by the end of November 2023.
- Longview, WA: The Longview MSA foresees a stable housing market with a slight price decline, showing the market to have a -0.4 percent increase on February 29th, 2024, after the -0.1 percent decline by the end of November 2023.
- Olympia, WA: The MSA in Olympia is stable, with no significant changes in prices for housing anticipated and a -0.5 percent growth rate through February 29th, 2024, after a steady period until November 30th, 2023.
- Walla Walla, WA: Walla Walla projects a slight decline in home prices and a forecasted growth rate of -0.2 percent until February 29th, 2024. This is after the -0.1 percent decline by November 30th, 2023.
- Kennewick, WA: The Kennewick MSA foresees a more significant drop in the cost of housing and a -0.4 percent increase on February 29th, 2024, which follows the -0.2 percent reduction by November 30th, 2023.
- Bellingham, WA: The housing prices in Bellingham are projected to increase in the coming years, with a projected increase of -0.4 percent until February 29th, 2024, after a steady period until November 30th, 2023.
- Mount Vernon, WA: This region anticipates an additional decline in home prices and forecasts an increase of -0.5 percent until February 29th, 2024, after the zero percent change on November 30th, 2023.
- Ellensburg, WA: The Ellensburg MSA anticipates the most dramatic drop in the cost of housing and a -0.9 percent increase by February 29th, 2024, after the -0.3 percent decline by the end of November 2023.
- Wenatchee, WA: The housing market in Wenatchee is expected to decrease prices with a -0.4 percent growth rate on February 29th, 2024, after the -0.2 percent decline by November 30th, 2023. This indicates a continuing downward trend.
- Oak Harbor, WA: Oak Harbor projects an impressive decline in housing prices. The forecast predicts an increase of -0.8 percent through February 29th, 2024, after a -0.2 percent reduction by the end of November 2023. The market in this area is showing increased volatility.
- Seattle, WA: A prominent participant in the state, The Seattle MSA expects an essential decline in home prices, resulting in a -0.7 percent increase in 2024, February 29th, and a 0% change on November 30th, 2023. This could indicate a problematic market within one of the state’s most influential real property markets.
- Bremerton, WA: Bremerton anticipates a significant housing price decline and a -1.3 percent increase by February 29th, 2024, after a -0.3 percent decline by the end of November 2023. This area is experiencing a more significant downward trend.
Regional variances play an essential impact on buyers’ experiences. Although some regions forecast stabilization or slight declines, others, like Seattle and Bremerton, expect more dramatic declines in home prices. Buyers in areas with predicted declines might have the advantage of negotiating lower prices, but they must be vigilant and consider the long-term effects of their investment.
However, sellers must remain alert, particularly in areas with a projected drop in the housing market. Areas such as Seattle and Bremerton anticipate significant decreases, which could affect the value of resold homes. Strategies for pricing and efficient marketing are essential to sellers of these regions to attract buyers in a competitive market.